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Governance, Risk and Compliance - The Chilean Insurance Industry

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Synopsis

Timetric’s Governance, Risk and Compliance - The Chilean Insurance Industry report is the result of extensive research into the insurance regulatory framework in Chile. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the Scope
of non-admitted insurance in the country.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Chile, including:

• An overview of the insurance regulatory framework in Chile.

• The latest key changes and changes expected in the Chilean insurance regulatory framework.

• Key regulations and market practices related to different types of insurance product in the country.

• Rules and regulations pertaining to key classes of compulsory insurance, and the Scope
of non-admitted insurance in Chile.

• Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.

• Details of the tax and legal systems in the country.

Scope

• This report covers details of the insurance regulatory framework in Chile.

• The report contains details of rules and regulations governing insurance products and insurance entities.

• The report lists and analyzes key trends and developments pertaining to the Chilean insurance regulatory framework.

• The report analyzes rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

• The report provides details of taxation imposed on insurance products and companies.

Reasons To Buy

• Gain insights into the insurance regulatory framework in Chile.

• Track latest regulatory changes and expected changes impacting the Chilean insurance industry

• Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country

• Understand key regulations and market practices relating to various types of insurance product.

Key Highlights

• The Chilean insurance industry is regulated by the Superintendent of Security Markets and Insurance Companies (SVS) and the Chilean insurance association.

• The life and non-life insurance businesses in Chile are regulated by the provisions of the Insurance Act 1931.

• The member insurers of the Chilean insurance association accounted for 99% of the overall industry gross written premium in 2011.

• Insurance for motor vehicles and workmens compensation are mandatory, as is insurance for pension fund administrators to guarantee performance.

• Non-admitted insurers and intermediaries are not permitted to operate in the Chilean insurance industry.

1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Insurance for motor vehicles accidents
2.4.2 Pension insurance
2.4.3 Health insurance
2.4.4 Workmen’s compensation insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Association of Insurance Supervisors Latin America
2.5.3 Superintendent of Security Markets and Insurance Companies
2.5.4 Insurance Association of Chile (AACH)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fees structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Insurance premium or policy taxation
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer


List Of Tables

Table 1: Insurance Industry Definitions
Table 2: Chile – Insurance Regulatory Framework Key Features
Table 3: Chile – Life Insurance Regulatory Framework
Table 4: Chile – Property Insurance Regulatory Framework
Table 5: Chile – Motor Insurance Regulatory Framework
Table 6: Chile – Liability Insurance Regulatory Framework
Table 7: Chile – Factors Used for Solvency Margin Calculation
Table 8: Chile – Corporate Tax Rates for the Financial Year 2015


List Of Figures

Figure 1: Chile – Insurance Supervision and Control at Various Levels
Figure 2: Chile – Insurance Regulatory Frameworks for Company Registration and Operation


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Reports Details

Published Date : Jul 2015
No. of Pages :45
Country :Chile
Category :Finance and Banking
Publisher :Timetric
Report Delivery By :Email
Report Delivery Time :12 to 24 hours after placing the order.

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